"The Kitchener-Waterloo-Cambridge area is the top place in Ontario to invest in real estate, with the most potential for future price appreciation of any area in the province" Says Tony Wong, a Business Reporter from the Toronto Star. The Region beat out Barrie, which for years took this claim.
The reasons for such an optimistic title as 'Ontario's Economic Alberta' are many, but tend to focus around the Regions highly educated and diverse workforce, its proximity to Toronto and other large urban centers and its diversified manufacturing and service industries. In particular, technology will continue to play a major role.
And this affects your mortgage how?
The main reason that most purchase real estate is to provide a comfortable place to live and enjoy life. In close second for many though is the effect of building home equity, or looking at ones home as a valuable and growing asset. Seen from this perspective, a mortgage can be seen as a leveraging tool that helps one realize this home asset growth. First of all, rent won't ever lead to the growth of home equity (because the real estate is not owned) and second, the owner will not realize an increase in value of their property unless it is owned by him or herself.
So, the Waterloo Region and Guelph offer a compelling picture for a mortgage holder, since interest rates remain at historical lows and the choice of mortgae types diverse, while the prospect of solid increases in home value will do much to create wealth for its owner over time.
Brent Richardson
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